Yerevan/Mediamax/. Armenia is one of the most successful experiences of foreign investments for Credit Agricole Group, CEO of “ACBA-Credit Agricole Bank” Stepan Gishyan stated.

Mediamax informs that speaking at “Direct Foreign Investments in Armenia” Forum in Yerevan today, Stepan Gishyan stated that in September, 2006, “ACBA Bank” had 12 branches, 250 employees, capital at the volume of USD 20mln, assets at the volume of USD 70mln and annual profit of USD 1mln. Today, only 4 years after entry of Credit Agricole Group in the capital of the bank, “ACBA-Credit Agricole bank” already has 40 branches, 900 employees, capital at the sum of USD 100mln, assets at the sum of USD 0.5bln, and the annual profit reaches USD 10mln.

“It is obvious that by entering the capital of the Armenian bank, the investor concluded quite a successful deal. I can even say that Armenia became one of the most successful experiences of investment abroad for Credit Agricole”, Stepan Gishyan stated.

According to him, the first reason why they need to invest in Armenia is the opportunity to gain good profit, since “there are many niches in Armenian economy, which are not yet occupied, and if a particular company is well specialized in a concrete sphere in its country, it can come and successfully work in Armenia”.

Speaking of cooperation with authorities, Stepan Gishyan brought the example of founding the first leasing company in Armenia – “ACBA Leasing”, when the founders of the company, meeting legislative obstacles, presented their suggestions to the government, which were approved in the form of corresponding legislative changes.